Aluminium row draws in Glencore

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Glencore has been handed a subpoena by an American trading regulator as part
of an aluminium “hoarding” investigation.

It is understood that Pacorini, Glencore’s aluminium warehousing business that
runs the world’s second-biggest storage facility in the Netherlands,
received a request for information from the Commodity Futures Trading
Commission yesterday.

Several other warehousing companies have also received subpoenas as part of
the inquiry, which is testing claims made by buyers of aluminium, such as
vehicle makers, that they are being fleeced by storage companies.

The receipt of a subpoena does not imply that a company is suspected of
wrongdoing.